The government has slashed the interest rates on all major National Savings Certificates (NSCs) by 47 to 57 basis points after six months, as part of a move towards a market-driven interest rate system.

The interim government is set to increase the interest rates against various savings certificates to upwards of 12 percent as it looks to provide some relief to the fixed income group squeezed by the elevated inflation.

What Bangladeshi economists have been saying for a long time is pretty much what the International Monetary Fund (IMF) has told our central bank and the government.